OECD: Implications For Guernsey

Appendix 1 sets out a summary of the principal international initiatives affecting Guernsey. Of these, attention is currently focused on the OECD initiative, partly because it is the most recent body to have reported, but largely because it represents unfinished business.

The Organisation for Economic Co-operation and Development (OECD) was established in 1960 as a co-operative organisation to promote policies that would 'achieve highest levels of sustainable economic growth' and 'contribute to the expansion of world trade '. Its membership currently comprises some 29 different countries, including all G7 countries and all member states of the EU. As such, it does not have any legislative or governmental function and is merely an advisory body. However, its pronouncements carry substantial authority and it is likely that many countries, including non-members, would take careful note of any recommendations made by it. Tax issues are the responsibility of the Committee on